Bitcoin’s price has been a rollercoaster lately, swinging wildly up and down. But while the price is bouncing around, some big players – the “whales” – are quietly buying up more Bitcoin.
Whale Watching: A Massive Accumulation
According to Santiment, a company that analyzes blockchain data, major Bitcoin holders (those with 10 to 10,000 BTC) have added a whopping 53,600 BTC to their wallets since March 22nd. That’s a huge amount! They now control about 68% of all Bitcoin in circulation.
This buying spree happened even as Bitcoin’s price was doing its up-and-down dance. The price dropped 13% early in April, briefly dipping below $74,000 before recovering to almost $88,000. Now, it’s settling into a range between roughly $83,000 and $86,000.
What’s the Big Deal?
The fact that whales are buying during this uncertainty is a big deal. It suggests they’re confident Bitcoin’s price will go up. For smaller investors, this is generally seen as a positive sign.
Bitcoin’s Future: Looking Ahead
Bitcoin’s price has been affected by various economic factors, including trade policies. After reaching a high of around $109,000, it dropped to as low as $74,000. A temporary pause in new tariffs helped the price rebound, but it’s currently consolidating.
Many analysts believe Bitcoin needs to break through the $91,000 resistance level to start a sustained upward trend. If it does, it could potentially reach new all-time highs.
At the time of writing, Bitcoin is trading around $85,226.
